Kimmel, Financial Accounting, Se Help CALCULATOR PRINTER VERSIO BACK Brief Exerc

Question

Kimmel, Financial Accounting, Se Help CALCULATOR PRINTER VERSIO BACK Brief Exercise 10-16 (Part Level Submission) Oriole Company issues S2.50 million, 10-year, 7% bonds at 96, with interest payable on December 31 bond discount. Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account t titles are automaticaly indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Attempts: O of 5 usedSAVE FOR LATER The parts of this question must be completed in order. This part wiw be available when you compiete the part above 8 2

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Jan 1 Cash 2400000 Discount on bonds payable 100000     Bonds payable 2500000 (To record bonds issue)

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